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March 19, 2022
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Petrobras says it cannot anticipate decision on prices

Petrobras announces additional payment of shareholder remuneration

Petrobras informed today (18) that it cannot anticipate decisions on maintenance or fuel price adjustments, due to the “challenging and high volatility” moment.Petrobras says it cannot anticipate decision on prices

In a note to clarify the population about the prices of gasoline, diesel and liquefied petroleum gas (LPG), the company said that it is “sensitive to the impacts of prices on society and maintains daily monitoring of the market”.

According to Petrobras, it was observed, in the last few days, a reduction in the international price levels of derivatives, followed by a strong increase yesterday (17).

Ukraine invasion

“We continue in an environment of great uncertainty, with an increase in demand for fuel in the world, at a time when the unfolding of the war between Russia and Ukraine impact the supply, generating a competition in the world for the supply of products”, says the note. According to the company, this scenario “reinforces the importance of prices in Brazil remaining aligned with the global market to ensure normal supply and mitigate risks of product shortages”.

Petrobras also recalled that, in recent months, the international oil market has been facing high volatility, due to the covid-19 pandemic. This price volatility gained an additional component with the geopolitical tension in Europe, which culminated in the invasion of Ukraine by Russia on the 24th of February.

“At first, despite the surge in international prices, Petrobras, when assessing the market situation and prices in accordance with established governance, decided not to immediately pass on the volatility, carrying out a daily monitoring of oil prices. Only on March 11, after prices were observed at consistently high levels, Petrobras implemented adjustments in its sales prices to distributors of gasoline, diesel and LPG,” the note reports.

Reflection

The company clarified that the amounts applied at that time, although significant, reflected only “part of the rise in international levels of oil prices, which were strongly impacted by the limited supply, in view of the world demand for energy”.

According to the company, this movement followed that of other fuel suppliers in Brazil that had promoted adjustments in their sales prices before Petrobras. He analyzed that the measure was necessary to guarantee the supply of the Brazilian market, avoiding risks of shortages, both by distributors, importers and other producers, in addition to Petrobras.

“Petrobras follows all governance rites and seeks a balance with the market, while avoiding passing on to domestic prices the volatilities of international quotations and the exchange rate, caused by conjunctural events”, continues the note.

In the company’s assessment, this positioning allowed prices at Petrobras refineries to remain stable for 152 days for LPG and for 57 days for gasoline and diesel, “even in this context of rising international prices”.

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